As part of the FY2013 New York State budget, the Economic Transformation and Facility Redevelopment Program ("ETFR Program") has been created. The ETFR Program is intended to aid communities affected by the upcoming round of prison and juvenile justice facility closures. This program may provide a useful economic development tool for local communities negatively impacted by facility closures.
The benefits provided to businesses under the ETFR Program are refundable tax credits (including both capital investment, job creation and property tax-relief components) and a refund of certain sales taxes paid on improvements to facilities located at the site of a closed facility or surrounding areas. If used in conjunction with an adaptive reuse plan adopted for the closed facility, these tax credits could be an important incentive to replace jobs lost due to the closures.
The information in this article is divided into the following parts:
Part 1 - Designation of Economic Transformation Areas
Part 2 - Qualification and Certification of Businesses
Part 3 - Tax Credits
Part 4 - Sales Tax Refund
Part 5 - Property Tax Exemption
